King Street to invest €270m of equity in residential projects in Spain
AEDAS Homes, a homebuilder in Spain, and King Street Capital Management have signed an agreement to invest up to €270 million ($290 million) of equity to develop new-build residential projects.
This new joint venture, in which King Street will take a majority stake, aims to complete and develop new-build homes for sale to the mid and high segments of key Spanish mar-kets. In addition to contributing equity, AEDAS Homes will provide end-to-end development management services for all the projects, from design and marketing to construction and delivery to customers.
This agreement encompasses an initial investment of €150 million ($161 million) of equity in ongoing AEDAS Homes projects in the provinces of Madrid, Barcelona, Málaga, Alicante, Valencia, and Tenerife, comprising a total of around 700 units, and an additional target to invest a further €120 million in strategic growth into new residential projects in Spain. In total, projects developed through this joi